Business News of Monday, 4 July 2022
Source: www.ghanaweb.live
2022-07-04Government committed to a successful IMF negotiating programme – Finance Ministry
Finance Minister, Ken Ofori-Atta
Ghana to commence formal talks with IMF
Relieve Ofori-Atta from his post – John Dramani Mahama to Akufo-Addo
IMF loan won’t save Ghana’s economy, it will fail like previous programmes – Steve Hanke
The Ministry of Finance has affirmed plans to commence engagements with the International Monetary Fund to support Ghana’s economic programme.
This
Read full articlecomes after President Nana Addo Dankwa Akufo-Addo on July 1 authorized the Finance Minister to hold formal discussions with the Bretton Woods Institution.
A statement issued by the Public Relations Unit of the Ministry said a delegation from the Fund is scheduled to arrive in Accra on Tuesday July 5 ahead of main talks on July 6, 2022.
“Pursuant to this, a delegation from the Fund is scheduled to arrive in Accra on Tuesday 5th July, 2022, to commence in-person meetings with the Government of Ghana on Wednesday 6th July, 2022,” the statement read in part.
The Ministry further assured Ghanaians of government's commitment to successfully negotiate a program with the IMF in the coming months, in support of Ghana’s economic recovery.
Meanwhile, a renowned international economist at the John Hopkins University in the USA, Steve Hanke, has stated Ghana’s decision to enter an economic programme with the IMF will not salvage the economy.
He predicts that a financial bailout from the Bretton Woods Institution is likely to fail just like the previous 17 IMF programmes that Ghana has participated in.
In a July 1 tweet sharing his view on government’s decision to commence formal negotiations with the IMF for a bailout, Steve Hanke questioned Ghana’s last-ditch effort to save the economy which is in distress and saddled with a huge debt burden.
“Today, I measure inflation in Ghana at a stunning 49.35%/yr. In a last-ditch effort, the government has begun negotiations with the IMF on a bailout deal. SPOILER ALERT: Another IMF loan won't save Ghana’s economy. Like its past 17 IMF programs, a new one will fail,” the US-based economist wrote.
MA/FNOQ
